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Maximus Resources Ltd.
Summary
| Project: | Spargoville | |
|---|---|---|
| Deposit: | Larkinville | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/1/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-3-2017: Maximus Resources Ltd. announces a Resource Estimation report for its Larkinville deposit at the Spargoville project. Updated resource at Larkinville deposit. Maximus Resources Limited (ASX: MXR) is pleased to inform shareholders of an updated J | |
| Resources: | (Resource, I+I): 119.7kt @ 3.02g/t for 11600oz Au contained at Larkinville | |
| CP/QP: | [Resources]: Graeme McDonald (Not stated) | |
| ABSTRACT: | Maximus Resources Limited (ASX: MXR) is pleased to inform shareholders of an updated JORC 2012 compliant Mineral Resource estimate at the Larkinville prospect within the Company’s Spargoville gold project , following completion of a recent Reverse Circulation RC drilling program (See table 1). The Larkinville deposit is located on the Kunanalling Shear, approximately 5km south-west of the previously mined high grade Wattle Dam gold mine, now held 100% by Maximus. The updated Mineral Resource estimate totalling 119,700 tonnes @ 3.02 g/t for 11,600 ounces of gold is based on 36 (RC) drill-holes completed by previous explorers including Ramelius Resources, and 13 RC drillholes completed by Maximus in November 2016. Results of the Maximus’ drilling were documented in the Company’s ASX release dated 21/12/2016. The recent infill drilling by Maximus was designed to validate the previous Mineral Resource estimate. Mineralised intersections were slightly thinner than expected, resulting in a slight decrease in overall tonnes. However, the average grade of the Mineral Resource estimate has increased significantly. This is in part due to the inclusion of Screen Fire Assay results obtained for the latest Maximus drill intersections. Screen Fire Assaying (based on 1kg of sample) is a common and more reliable technique in areas where coarse gold is suspected. Recent Screen Fire Assay results from Larkinville are consistently higher than the original 50g Fire Assay results. Panning of several high grade RC chip samples confirmed the presence of coarse free gold. | |
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